Given the availability of four common payment methods (physical cards, cash, electronic stored cards, and mobile payments) of physical stores, 35.3% of Taiwanese consumers chose mobile payments, outpacing physical card (credit/debit) payments’ 33.9% for the first time in the first half of 2020, according to a survey conducted by MIC (Market Intelligence & Consulting Institute), a government think tank and an IT research institute in Taiwan. “Based on the MIC findings, although physical cards still remain the most commonly used method for payment in Taiwan, mobile payments’ share continues on the rise to 59.7% in the first half of 2020, up from 43.8% in 2018,” said Robin Hu, senior industry analyst with MIC. “For Taiwanese consumers, mobile payments and electronic stored cards, the second most common method, are now equally popular.”
Most Commonly Used Method for Payment (Multiple-choice questions)
Note: The effective samples collected were 1,068 in 2018, 534 in 2019, and 2,500 in 1H 2020
Source: MIC, July 2020
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Market Intelligence & Consulting Institute (MIC), based in Taipei, Taiwan, was founded in 1987. MIC is Taiwan's premier IT industry research and consulting firm providing intelligence, in-depth analysis, and strategic consulting services on global IT product and technology trends, focusing on markets and industries in Asia-Pacific. MIC is part of the Institute for Information Industry.